Let demand and supply be given by, Qa 270 - 1P, Qs -80 +9P. If a tax is levied on consumers, price for the good. about half most none very little of the tax will be passed on to buyers in the form of a higher

Let demand and supply be given by, Qa 270 - 1P, Qs -80 +9P. If a tax is levied on consumers, price for the good. about half most none very little of the tax will be passed on to buyers in the form of a higher

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter19: Elasticity

Section: Chapter Questions

Problem 4QP

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only typed answer A consumer has inverse demand of p=15−1q for a good and the market price is $4.00. Calculate consumer surplus and the total value of the good for the corresponding quantity consumed. Consumer surplus is $enter your response here. (Enter your response rounded to two decimal places.) The consumer's expenditure for the good is $enter your response here. (Enter your response rounded to two decimal places.)
a. Assume that the elasticity of demand for Fanta is -0.5 while the elasticity of supply is 0.7. Assuming further that a tax of K10 is applied on each bottle of Fanta sold, how much of this will be borne by producers. b. Assume that the price of good X is K10 while that of good Y is K20. A consumer has allocated consumption between the two goods in such a way that the marginal utility of X is 15 utils and that of Y is 25 utils. Is this an optimal consumption bundle? If not, what should the consumer do to reach the optimum?
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The demand for apples is more price-elastic than the demand for fruit as a whole. This is best explained by the fact that: A. Apples are a luxuryB. Apples are a necessityC. There are more substitutes for apples than for fruit as a wholeD. Consumption of fruit as a whole is greater than the consumption of apples
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Question 888m Full explain this question and text typing work only thanks Please solve this question ASAP NB: 31.80 and 31.90 is not the answer.
1. Supposed that UMA condominiums are an ordinary good and demand for condominiums is inelastic. What is the effect on Nagenyos consumer surplus if there is a decrease in price of condominiums? Explain. 2. Based from the answer in question number 1 pertaining to the supply of condominiums in response to the demand of Nagenyos, Enumerate atleast two(2)( possible effects of the determinants of demand (a)price, (b)income, (c)prices of related goods like apartments and residential houses, and (d)consumer taste and expectation) and determinants of supply (a) flexibility of inputs, (b) mobility of inputs, (c)ability to produce substitute and (d) time
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